Turn Times

Pit Crews measure their success by how fast and efficient they can get their card in and out of a pit stop with a full service. Races are won and lost by the turn time.

What does this have to do with mortgages? Currently lenders are experiencing a high amount of production due to the lower rates and lower home prices. This causes delays. It is the originators job to make sure he/she knows the lenders turn times to be able to guide you with advice in regard to how long you should lock your rate with the lender. A 30 day lock is not much good if it takes the lender 18 days to review your file and another 7 to clear up any outstanding conditions as you won't have time to get the appraisal, title, etc... in to them in time. In that case you would need a 45 or 60 day lock. Lenders are requiring 3rd party verification of income and for many this is executing a 4506-T -- Request for Tax Transcripts through the IRS to make sure what you are showing for income is what you have declared with IRS through your tax filings. This takes time and the more lender utilizing this slows this process down. Originators should be able to see this obstacle coming up and guide you through the process.

For more information visit our website at: http://new-hampshire-home-mortgage.com